Tongo, a builder of financial products for workers in the commission economy, has launch its Financial Benefits Platform, which empowers real estate brokerages to provide their agents with the essential toolkit to achieve financial wellness. This toolkit delivers automated budgeting to savings, checking, retirement and investment accounts, as well as fast access to current and future commissions.
“The traditional banking system was designed for salaried workers, overlooking self-employed professionals, who will soon make up 50% of the US workforce. The salary-based system of regular payroll is why bills are due monthly, and, in turn, why credit scores reward monthly payments. Additionally, 401K contributions and tax withholdings are automated through payroll, which makes it easier to save and pay taxes on time,” said Brandon Wright, CEO and co-founder of Tongo. “Millions of professionals in the real estate industry work on commission and have irregular income streams. This hinders them from building their credit scores and delays retirement because contributions to savings and retirement accounts aren’t routine or automated. Tongo built the Financial Benefits Platform to provide real estate professionals the essential tools needed to achieve financial success.”
The Financial Benefits Platform is delivered by real estate brokerages to their agents. Once set up, agents choose how they want to distribute their commission across their personal, business, savings, retirement and other chosen accounts. Brokers use Tongo to deliver agent commissions, which are sent and automatically distributed per the agent’s instructions. Additional features of the Financial Benefits Platform will include a tax calculator to help agents set aside money for taxes, partners to help with retirement planning and saving and access to high-yield savings accounts and SEP IRAs.
Agents can also instantly access future commissions up to 60 days early via Tongo. By offering on-demand access to commissions, agents have the flexibility to pay monthly expenses and invest in business growth between commissions.
